2009 - JAMB Accounting Past Questions and Answers - page 4
31
Determine the total expenses of department P?
A
9,760
B
9,400
C
2,860
D
2,500
32
One of the purposes of maintaining the account of a branch at the head office is to?
A
record charges in shareholdings
B
record charges in liabilities
C
check the excesses of customers
D
check the excesses of members of staff
33
Which of the following is a common cause of a discrepancy between head office and branch trial balance?
A
Debtors and cash in transit
B
Creditors and cash in transit
C
Stock and cash in transit
D
Stock and prepayments
34
Sule and Ahmad are in partnership sharing profits and losses equally. If Khadija is admitted as new partner tot take 1/5 as her share, what is the new partner to take 1/5th as share, what is the new profit or loss sharing ratio?
A
Sule 1/3, Ahmad 1/3 and Khadija 1/3
B
Sule 1/5, Ahmad 15 and Khadija 3/5
C
Sule 2/5, Ahmad 2/5 and Khadija 1/5
D
Sule 2/5, Ahmad 1/5 and Khadija 2/5
35
Given:
Net profit b/d.....................N10,000
Interest on capital:...M...........N2, 000
.......................K...........N1, 000
Partners' on salary....K...........N800
Interest on drawings...M...........N500
Profit sharing ratio M and K 3:2
Determine M's share of profit?
A
6,280
B
4,020
C
2,820
D
2,280
36
Use the information to answer questions 40 and 41.
Capital balances b/d:.....P.............N20,000
..........................K.............N10,000
Drawings:.................P.............N2, 000
..........................K.............N1, 000
Share of profits:.........K.............N4, 000
..........................K.............N2, 000
Salary....................P.............N1, 000
Interest on drawings:.....K.............N100
..........................K.............N20
Assuming that the partnership maintains a fixed capital, what is P's closing capital?
A
N25,000
B
N24,900
C
N22,900
D
N20,000
37
If the capital of the partnership is unfixed, what is K's current accounts?
A
N11,950
B
N10,950
C
N20
D
N 0
38
In a partnership account, conversation of non-cash assets into cash is referred to as?
A
realization
B
disposal
C
dissolution
D
revaluation
39
Use the information below to answer questions 43 and 44.
A company advertised and issued N750,000, 12% preference shares of N1 each to be issued at N1.50 per share. Applications for N1,370,000 were received at 30k per share. 70k per share (including premium) was due om allotment while 25k per share was due on each of the remaining two calls. All amounts due were received . Application money for 120,000 shares was refunded to unsuccessful applicants were allotment shares on pro-rata basis.
The share premium account would be?
A
credited with application and allotment N187, 500
B
debited with appllication and allotment N375,000
C
credited with application and allotment N375, 000
D
debited with application and allotment N187, 500
40
The second and final call account was debited with?
A
ordinary share capital account N187,500
B
12% preference share capital N375,000
C
bank account N187,500
D
12% preference share capital account N187,500
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